New being the new euphemism for something that's been around for over a decade, and stinks as much as it's parent, Rapid Application Development, born in the 80's.
Why does it stink ? Because it's implemented by mindless low level managers who fail to understand the point, and asked for by foolish high-level managers who are too impatient to let it produce the results it claims to produce. Meanwhile, the poor slobs working within its constraints get to attend "scrums" where they get to stand around during the most productive time of the day, explaining to their colleagues what they would be working on if they were at their desk.